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FAIR VALUE MEASUREMENT AND DISCLOSURE (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, for the dates indicated:
(In thousands)Fair
Value
Readily
Available
Market
Prices
(Level 1)
Observable
Market
Data
(Level 2)
Company
Determined
Fair Value
(Level 3)
March 31, 2022   
Financial assets:   
Trading securities$4,124 $4,124 $— $— 
AFS debt securities:  
Obligations of U.S. government-sponsored enterprises7,670 — 7,670 — 
Obligations of states and political subdivisions111,956 — 111,956 — 
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises960,838 — 960,838 — 
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises319,891 — 319,891 — 
Subordinated corporate bonds21,454 — 21,454 — 
Loans held for sale6,705 — 6,705 — 
Customer loan swaps7,843 — 7,843 — 
Interest rate contracts7,898 — 7,898 — 
Fixed rate mortgage interest rate lock commitments134 — 134 — 
Forward delivery commitments246 — 246 — 
Financial liabilities:  
Trading securities$4,124 $4,124 $— $— 
Customer loan swaps7,937 — 7,937 — 
Interest rate contracts6,426 — 6,426 — 
Fixed rate mortgage interest rate lock commitments313 — 313 — 
December 31, 2021   
Financial assets:   
Trading securities$4,428 $4,428 $— $— 
AFS debt securities:
Obligations of U.S. government-sponsored enterprises 8,344 — 8,344 — 
Obligations of states and political subdivisions117,478 — 117,478 — 
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises1,000,257 — 1,000,257 — 
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises358,849 — 358,849 — 
Subordinated corporate bonds22,558 — 22,558 — 
Loans held for sale5,815 — 5,815 — 
Customer loan swaps19,297 — 19,297 — 
Interest rate contracts5,589 — 5,589 — 
Fixed rate mortgage interest rate lock commitments371 — 371 — 
Forward delivery commitments86 — 86 — 
Financial liabilities:  
Trading securities$4,428 $4,428 $— $— 
Customer loan swaps19,485 — 19,485 — 
Interest rate contracts7,872 — 7,872 — 
Fixed rate mortgage interest rate lock commitments91 — 91 — 
Forward delivery commitments— — 
Summary of Assets Measured at Fair Value on Non Recurring Basis
The table below highlights financial and non-financial assets measured and recorded at fair value on a non-recurring basis for the dates indicated:
(In thousands)Fair
Value
Readily
Available
Market
Prices
(Level 1)
Observable
Market
Data
(Level 2)
Company
Determined
Fair Value
(Level 3)
March 31, 2022   
Financial assets:   
Collateral-dependent loans$111 $— $— $111 
December 31, 2021   
Financial assets:   
Collateral-dependent loans$73 $— $— $73 
Valuation Methodology and Unobservable Inputs for Level Three Assets Measured at Fair Value on Non Recurring Basis
The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis for the dates indicated:
(Dollars in thousands)
Fair ValueValuation MethodologyUnobservable InputDiscount
March 31, 2022    
Collateral-dependent loans:    
Specifically reserved$71 Market approach appraisal of
   collateral
Estimated selling costs18%
Partially charged-off
$40 Market approach appraisal of
   collateral
Estimated selling costs11%
December 31, 2021
Collateral-dependent loans
Specifically reserved$73 Market approach appraisal of collateralEstimated selling costs11%
Carrying Amounts and Estimated Fair Value for Financial Instrument Assets and Liabilities
The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the dates indicated:
Carrying
Amount
Fair ValueReadily
Available
Market
Prices
(Level 1)
Observable
Market
Prices
(Level 2)
Company
Determined
Market
Prices
(Level 3)
March 31, 2022
Financial assets:     
HTM debt securities$1,290 $1,300 $— $1,300 $— 
Commercial real estate loans(1)(2)
1,484,979 1,475,338 — — 1,475,338 
Commercial loans(2)
398,514 396,965 — — 396,965 
SBA PPP loans(2)
6,307 6,527 — — 6,527 
Residential real estate loans(2)
1,385,723 1,322,230 — — 1,322,230 
Home equity loans(2)
208,212 205,317 — — 205,317 
Consumer loans(2)
18,713 16,826 — — 16,826 
Servicing assets2,494 4,191 — — 4,191 
Financial liabilities:     
Time deposits$349,875 $345,693 $— $345,693 $— 
Short-term borrowings237,668 237,622 — 237,622 — 
Subordinated debentures44,331 32,805 — 32,805 — 
December 31, 2021
Financial assets:
HTM debt securities$1,291 $1,380 $— $1,380 $— 
Commercial real estate loans(1)(2)
1,474,087 1,435,794 — — 1,435,794 
Commercial loans(2)
359,512 356,463 — — 356,463 
SBA PPP loans(2)
35,934 37,133 — — 37,133 
Residential real estate loans(2)
1,300,314 1,297,592 — — 1,297,592 
Home equity loans(2)
208,934 205,920 — — 208,934 
Consumer loans(2)
19,437 17,551 — — 17,551 
Servicing assets2,471 3,310 — — 3,310 
Financial liabilities:
Time deposits$409,668 $409,264 $— $409,264 $— 
Short-term borrowings211,608 211,586 — 211,586 — 
Subordinated debentures44,331 33,248 — 33,248 — 
(1)    Commercial real estate loan includes non-owner-occupied and owner-occupied properties.
(2)    The presented carrying amount is net of the allocated ACL on loans.